Private-equity firm Permira has sold a 10% stake in German fashion house Hugo Boss.

Hugo Boss’ share price has nearly doubled since London-based Permira first invested in the designer in mid-2007.

Today’s placing of seven million shares is expected to net the private-equity house up to €633.5 million (£534.14 million).

The sale follows the announcement by Hugo Boss yesterday of a bigger-than-expected drop in first-quarter sales due to troubles in Europe and China, although the retailer confirmed its targets for 2013.

Earlier this year, Permira was also forced to cut its fundraising target, telling investors it hopes to raise €4-5 billion rather than the €6.5 billion initially targeted.